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Financial News: Germany Factory Orders Fall Sharply In October

Germany Factory Orders Fall Sharply In October

12/06/2021 - 02:19:00 (RTTNews)

(RTTNews) - Germany's factory orders declined sharply in October, data released by Destatis showed on Monday.

Factory orders decreased 6.9 percent month-on-month in October, reversing a 1.8 percent rise in September. Economists had forecast a moderate fall of 0.5 percent.

Domestic orders went up 3.4 percent, while foreign orders declined 13.1 percent in October.

Excluding major orders, factory orders decreased 1.8 percent from the previous month. On a yearly basis, factory orders dropped 1 percent, in contrast to the 10.3 percent rise a month ago.

Further, data showed that manufacturing turnover grew 3.6 percent on month, following a revised 0.1 percent drop in September.

Compared with October 2020, turnover was by a calendar adjusted 2.6 percent lower.

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